Kostadinov, Krassimir Kolev (contributor) - 2006
a heavy-tailed "global shock" a ecting
the credits simultaneously across regions and business sectors, we obtain a more … mi-
grations and defaults vary signi cantly with the business cycle. Furthermore, obligors
operating in the same region … (country) and/or business sector tend to default simulta-
neously (over short time intervals). Thus defaults and rating …